ZTE suspends trading after being blacklisted by the United Kingdom and US

17 April, 2018, 20:19 | Author: Juana Mckenzie

Beijing has responded to the US' recent seven-year component ban on telecoms firm ZTE by saying that it is ready to take necessary measures to safeguard legitimate rights.

For ZTE itself, the latest US action means one of the world's top makers of smartphones and communications gear will no longer be able to buy technology from American suppliers, including components central to its products.

ZTE's settlement with the USA followed a multiyear investigation into claims that it violated US sanctions against Iran and North Korea by selling electronics to those countries.

ZTE, whose Hong Kong and Shenzhen shares were suspended from trade on Tuesday, said in a statement it was assessing the implications of the USA decision and was communicating with "relevant parties".

"NCSC assess that the national security risks arising from the use of ZTE equipment or services in the context of the existing United Kingdom telecommunications infrastructure can not be mitigated". In 2017, it derived 59 percent of revenue from its network business and 32 percent from its consumer business.

"ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation", Commerce Secretary Wilbur Ross said in a statement provided to TechCrunch.

Having suffered a loss of 767.8 million Chinese yuan ($122 million) in 2016, ZTE bounced back with a net profit of more than RMB6.7 billion ($1.1 billion) past year, with sales up 7.5%, to RMB108.8 billion ($17.3 billion). Instead of reprimanding the employees, the company is stated to have rewarded them with full bonuses. As part of the agreement, ZTE said it would dismiss four members of senior staff to discipline 35 more. However, shipment delays and lost orders on handsets and transmission equipment are likely to result as the ban impacts the supply of components.

Under terms of the ban, USA companies can not export prohibited goods, such as chip sets, directly to ZTE or via another country, beginning immediately. -China Tension over trade between the world's two biggest economics.

American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE's equipment, which includes networking gear and smartphones. Pittenger is sponsoring legislation that would strengthen the US national security review process for foreign investments.

ZTE's smartphones use microchips from Qualcomm and glass from Corning. Qualcomm was not immediately available to comment.

That's the position Acacia Communications Inc.

Shares of Finisar Corp. ZTE also sells handset devices to U.S. mobile carriers. In January, Texas Congressman Mike Conaway proposed legislation that would prevent U.S. authorities from buying any product or service from the Chinese companies.

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